Dubai group to buy 40pc stake in Malaysia's Bank Islam
Afp, Kuala Lumpur
The Dubai Investment Group will acquire a 40 percent stake worth some one billion ringgit (277 million dollars) in Bank Islam Malaysia Bhd, officials said Friday. "We believe in the Malaysian market and this acquisition provides an excellent opportunity for Dubai Financial to add one of the oldest Islamic institutions to our portfolio," Soud Ba'alawy, chief executive officer the Dubai-based group, said in a statement. Dubai Financial is a subsidary of the Dubai Investment Group. BIMB Holdings, parent company of Bank Islam, would remain the majority shareholder with 51 percent. Three agreements related to the take-up of the shares were inked in Malaysia Friday. "At the subscription price of 1.20 ringgit per share, the deal when completed is worth over one billion ringgit," Bank Islam said. RHB Sakura Merchant Bankers and Citigroup are the advisers for BIMB Holdings and Dubai Financial respectively.
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